A report issued by three official institutions in Morocco warned of the status of pension funds, both in the public and private sectors, as the deficit that has been threatening for years, is expected to worsen further, in the coming years.
According to the “Hespress” website, according to the report, the acquired rights, following the standard reform that was implemented on the Moroccan Retirement Fund, which manages the retirement of civil and military workers in 2016, are threatening the current system.
The fund’s total deficit increased by about 1 billion dirhams compared with 2017. Whereas, its reserves decreased by 1.7 billion dirhams, over the past two years.
The report pointed out that the fund faces two major problems; among which the deadline of the fund’s reserves, which is within a maximum of 10 years, while it is 60 years for the unsecured liabilities estimated at 346.4 billion dirhams.
The report pointed out that although the increase of the participants in the improvement of the fund’s financial situation, in the short and medium-term, it will result in the regress of acquired rights, in the long term. Thus, the rise of the long-term unsecured liabilities estimated at 129.5 billion dirhams for 60 years.
The Financial Stability Report noted that these developments identified by the public sector funds reduce their fiscal manoeuvrability margins in order to improve their sustainability, in particular with the delay in the implementation of the systemic reform that necessitates the balancing of rights in the public sector, as well as the settling of the problem of the financing of resources to absorb the system’s large accumulated debt.
At the level of the National Social Security Fund, which manages the retirement of private-sector workers, the report noted that the private sectors’ demographic dynamism enabled the long-term segment of the fund to reach the demographic factor at the end of 2018 to 8.8 members for one retiree.
This dynamic is likely to fade in the coming years, with the increase in the total deficit by 2024, and this deficit could be financed by the fund's available reserves until 2040.
The measures to be taken to restore the sustainability of the system would be less severe than those to be taken in the public sector, as long as there are considerable manoeuvring margins thanks to the private sector’s demographic dynamics.
The Moroccan Vocational Pension Fund, for supplementary retirement, confirmed that, although its technical shortfall, it would continue to record the gains, with additional reserves being recorded, in the coming years.
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